XAUUSD Ascending Triangle

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The current gold price stands at $3395.06, indicating a minor decline of 0.05% in recent trading. The recent trend shows a pattern resembling an ascending triangle, indicating a potential bullish breakout as prices form higher lows with resistance at $3400. Analysts recommend a 'Buy' stance given the strength in global demand for gold as a safe haven, influenced by ongoing economic uncertainties. The projected target price for gold over the next 12 months is anticipated to be around $3600, contingent on inflationary pressures and geopolitical tensions. Key strengths include strong market positioning and investor interest. However, potential risks to monitor include fluctuations in interest rates and changes in central bank policies.

Overall, the analysis suggests a well-positioned outlook for gold as an investment.

Visible Pattern:Ascending Triangle

Trend: Bullish

Resistance : 3400

Support: 3380

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